Ethereum Price Analysis: Will Bears Continue To Pressurize ETH Price?

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  • Ethereum price has been trading in the downward range over the past 5 days

Ethereum (ETH), the second-largest cryptocurrency began with a good note at the onset of August but looks like it is moving towards a short-term bearish trend if one looks at the current crypto market volatility. The price of ETH has been continually downgraded like other altcoins with the bears ruling the market. The 5-day price chart for ETH shows the price oscillating in the range of $208 – $238 indicating that the bears are still holding the reins and are in no mood to let go.

Latest Statistics of Ethereum:

As on August 10, 2019, at 5:38:58 UTC, current statistics are as below:

  • Current market price of ETH is $211.370
  • Current market cap is around $22,740,348,477
  • 24 h volume is at $7,050,059,967
  • ROI is at a gigantic 7,387.40%
  • Circulating supply is at 107,258,357 ETH

ETH to USD Price Comparison:

Ethereum Price Comparison
Ethereum Price Chart by TradingView

Though August started on a positive note for Ethereum, the price has been continually on a downward swing from Aug 08 as seen from the 5-day price chart. From a high of $235.428 on Aug 05, the price of ETH fell by 3.70% to $226.038 on Aug 06. It then rose to $238.050 on the same day in 8h 30m, the upward movement being 5.43%. On Aug 07 within 21h 35m, the price had a fall off by 6.40% at $222.908. In 5h 5m on the same day, the price rose to $231.113 to the extent of 3.68%. In a matter of 1d 4h 5m on Aug 08, the price had a fall at $216.055 by 6.52%. The price further fell to $208.864 on Aug 09 in 16h 30m to the extent of 3.44%. Today the price has slightly risen to $211.370, indicating a jump of 1.20%. With the bears still around, looks like the short-term will have a bearish momentum for ETH.

Ethereum Price Prediction:

Ethereum has a reputation of bouncing back quickly after a bearish turn. One should wait and watch whether ETH will be able to do a U-turn in this current market scenario as the bulls are still prominent. The short-term appears to be bearish for ETH like for other altcoins. However, feel this is a short-term phase which will pass and make way for a bull run during the medium-term.

Conclusion:

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Investors might have decreased their holdings on account of the current bear market sentiment, but long-term investors should still hold on to their investments as Ethereum is the coin for a huge haul. Short-term investors can consider investing but should keep track of the volatile factors controlling the market. Go through the ETH coin price prediction page to get more information for the price of the coin for upcoming years to plan when to invest in it!

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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